Import duty on gold, silver hiked to 10%

Live Mint ;Remya Nair :Tue, Aug 13 2013. 04 08 PM IST

At the current level of imports, the govt expects a revenue of Rs.4,830 crore from the duty hikes for the rest of the fiscal

New Delhi: India hiked the import duty on refined gold bars for one-third time in eight months to 10% from the earlier 8%, the finance ministry said in a statement on Tuesday.

The government also raised the import duty on silver to 10% from the earlier 6%, and the factory gate duty on gold bars to 9% from 7%.

At the current level of imports, the government expects a revenue ofRs.4,830 crore from the duty hikes for the rest of the fiscal year ending 31 March 2014.

India, the world’s biggest buyer of gold, has been trying to curb imports of the yellow metal, which is the second biggest imported item after crude oil. On 22 July, the central bank required one-fifth of all gold imports to be used for export, usually in the form of jewellery.